The Bitcoin market is at a critical moment after a night of consolidation. Currently, investors are closely following the important resistance level of $118,000 on the 4-hour Candlestick Chart. If it can effectively break through and stabilize above this level, this round of adjustment may be declared over, opening up a new upward space for Bitcoin. In this case, the price is expected to continue to rise, with the next target range possibly between $120,000 and $121,600.

However, market participants should remain cautious, as the current trend still falls within the category of a correction before confirming a breakout. If Bitcoin fails to stabilize above $118,000 and even breaks below the $117,000 support level, we may see further declines, with potential target areas between $115,000 and $115,600.

In this uncertain market environment, investors need to closely follow key support and resistance levels. Market trends can often change rapidly, so timely adjustments to strategies are crucial. For those traders who have already set stop-loss points, if the market shows unfavorable trends, they should adhere to the pre-established risk management plan and exit at the right time to control potential losses.

Overall, the Bitcoin market is at a critical decision point. Whether it's a potential pump breakthrough or a possible further pullback, it will provide significant trading and investment opportunities for market participants. However, given the high volatility of the cryptocurrency market, staying vigilant and making rational decisions remains essential.